The Shanghai Daily reports that UBS, the Swiss global financial services company, will be added to the name of the Chinese Formula One race this year as a new title sponsor.
The news was confirmed by Formula One authorities as well as David Li, head of UBS' Chinese arm.
The Chinese Grand Prix, held at the imposing Shanghai circuit, has been without a title sponsor for two years after state owned oil company Sinopec walked away.
Race organisers recently inked a new contract to host the event through 2017.
The Shanghai Daily said UBS will be the naming sponsor throughout that new deal.
UBS company headquartered in Basel and Zürich, Switzerland. The company provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. It is the world's second largest manager of private wealth assets, with over CHF 2.2 trillion in invested assets.
Chinese Grand Prix will take place at Shanghai International Circuit on 17th April.
Many of the annual Grands Prix, including those in Turkey, Spain, Canada, Belgium, Japan, Brazil and Korea, do not have naming sponsors.
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